Holley (NYSE:HLLY) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded Holley from “strong buy” to “hold,” while the broader analyst consensus is also “hold” with a $4.90 price target.
• Holley shares opened at $2.31, near their 52-week low of $2.25 and below the 50-day and 200-day moving averages of approximately $2.80.
• The company exceeded quarterly earnings expectations, reporting $0.20 in EPS versus the $0.12 consensus estimate, though revenue of $172.01 million was slightly below forecasts.

Holley (NYSE:HLLY - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

A number of other research analysts also recently weighed in on the company. Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 target price on shares of Holley in a report on Monday, June 29th. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings lowered shares of Holley from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, August 6th. Finally, Freedom Capital cut shares of Holley from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $4.90.

Holley Stock Up 0.7%

Shares of NYSE HLLY opened at $2.31 on Monday. The company has a quick ratio of 1.39, a current ratio of 3.06 and a debt-to-equity ratio of 1.15. The company has a market cap of $279.44 million, a P/E ratio of 28.81 and a beta of 1.39. Holley has a 52 week low of $2.25 and a 52 week high of $4.48. The business has a 50-day simple moving average of $2.80 and a two-hundred day simple moving average of $2.78.

Holley (NYSE:HLLY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $172.01 million for the quarter, compared to analysts' expectations of $172.63 million. Holley had a net margin of 1.68% and a return on equity of 8.41%. Research analysts anticipate that Holley will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Holley

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its position in Holley by 1.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company's stock worth $30,749,000 after purchasing an additional 122,331 shares during the period. BlackRock Inc. purchased a new stake in shares of Holley in the second quarter worth approximately $14,361,000. Wasatch Advisors LP raised its holdings in shares of Holley by 35.1% in the second quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company's stock worth $12,462,000 after buying an additional 1,269,256 shares during the period. Blue Owl Capital Holdings LP bought a new stake in shares of Holley during the 2nd quarter worth approximately $11,161,000. Finally, Bamco Inc. NY bought a new stake in shares of Holley during the second quarter worth $8,288,000. Hedge funds and other institutional investors own 39.70% of the company's stock.

Holley Company Profile

Holley Inc NYSE: HLLY is an automotive aftermarket company that develops, manufactures and distributes performance products for enthusiasts, racers and professional automotive customers. Its offerings are designed for street performance, racing, off-road applications and vehicle restoration.

The company's product portfolio includes fuel systems, electronic fuel injection and engine-management systems, ignition products, exhaust components, intake systems, engine parts, suspension products, wheels, safety equipment and related accessories.

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